Non-fungible tokens (NFTs) witnessed a 15% surge in trading volumes thanks to the U.S. Securities and Exchange Commission’s (SEC) failure to file an appeal in the Grayscale Bitcoin Trust case. 

According to on-chain data aggregator CryptoSlam.io, the NFT ecosystem encountered a substantial 15% uptick in the past 24 hours. Total trading volume topped $9.7 million. Notably, there has also been a 5.9% increase in the number of investors actively acquiring NFTs.

Ethereum-based NFT collections exhibited a noteworthy 26.7% increase in sales, contributing $5.2 million in trading proceeds over the same 24-hour period. 

Digital collectibles on the Mythos Chain and Solana blockchain have also registered notable spikes, accumulating trading sales of $1.3 million and $1 million, respectively. Mythos Chain NFTs recorded a 4.5% increase, while Solana-based NFTs exhibited an impressive 23.5% rise.

Grayscale vs. SEC

Grayscale, a digital currency asset management company, has been at loggerheads with the SEC following the latter’s rejection of its push to convert its Bitcoin Trust into a more investor-friendly spot BTC ETF. 

In June 2022, Grayscale initiated a legal dispute against the regulator after its initial rejection of the proposed Bitcoin ETF without providing a specific reason. In August, a Washington, D.C. appeals panel declared the SEC’s decision invalid and arbitrary, indicating that the SEC should review its actions as they were incorrect.

The future of Grayscale’s spot Bitcoin ETF remains uncertain. Its approval carries significant implications for the crypto market and, indirectly, the NFT space. As both are interconnected, the decision on Grayscale’s ETF approval will likely have a substantial impact on the NFT market.

UK calls for NFT copyright protection

Separately, a cross-party committee of the U.K. Parliament has urged the government to take measures to safeguard the rights of ar

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Author: Ogwu Osaemezu Emmanuel

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